364 – Making The Pivot From A Consumer To Wholesale Customer Focus With Amy Trout Hughes

What does pivoting in business really mean? It's all about responding to market changes and what you want your business to be. Marshmallow MBA has taken its share of twists and turns. That’s something to remember as you’re starting out. You won’t “land it” right out of the gate. It takes experimentation and adjustments based on what your market shows you to get it right. For Amy, it was narrowing in on the ideal customer, adjusting products to fit their needs, and rebranding so it all aligns. Amy’s career path to the confectionery industry is as non-traditional as the handcrafted marshmallows coming out of the MarshmallowMBA kitchens. After a 20+ career as a government consultant, Amy founded MarshmallowMBA in 2016 (more about that in episode 80). MarshmallowMBA is a woman-owned small business handcrafting gourmet marshmallows in more than a hundred flavors for retail and wholesale customers. Its products are available in 28 states across the US and Canada through more than 150 independent retailers and its e-commerce shop. Amy continually seeks to push the boundaries of candy beyond its identity as a snack food. In July 2021, the Bee Kind marshmallow collection (a lifestyle confection based on locally sourced honey and natural herbs) earned MarshmallowMBA the Best Innovation Award from Retail Confectioners International. Growth Insights From Pivoting In Business Pay attention to what the market needs and adjust your product line as needed. Focus on your strategy and the product. Show up in different places or portals to test where your product will sell more. Don't waste time or money on a trademark until you KNOW there’s a market for your product. Sometimes less is more - reducing the number of flavors helped us sell more. Your brand should reflect the quality of your product. Be open to change, especially with rebranding. Consider different packaging options (make sure it reflects your brand colors) Who do you WANT your customers to be? Do what will attract those people. Your logo should fit your future vision for your business. If you decide to join a wholesale portal (such as Faire), understand the specifications for photos and information so you get the best results. Adjust pricing if you list on an online wholesale portal so you don't take a loss. <-- IMPORTANT TIP - tune in to get all the details! Consider offering seasonal product lines and offer pre-ordering to accommodate customers. So many insights about growing and pivoting a business in this episode. Listen in to hear them all! Resources Mentioned Join me for the first Gift Biz Bash! TONIGHT AT 7PM! (it's FREE!) Amazon Smile program Amy's Contact Links <a href="https://marshmallowmba.com" target="_blank"...